Catherine Mann, a member of the Bank of England’s (BoE) Monetary Policy Committee, noted on Wednesday that overall progress on inflation was “uncertain” and warned of a possible rebound in inflation rates.

The most critical information

The supply side of the economy is growing very slowly, I still see tension in the labor market.

Wage growth remains far from in line with the inflation target.

We need to see sustained, slower services inflation.

Until I see some decline in the price of services, I won’t be able to afford to lower my prices.

The current 2% inflation rate is only a matter of time, but it will be above 2% by the end of the year, and that is critical for my decision-making.